业绩符合预期，行业高景气叠加供需敞口收窄推动量价齐升

     1 250 200 150 中国亚洲其他国家及地区 60% 中国 北美洲其他 亚洲其他国家及地区 欧洲 40% 北美洲 欧洲 其他 100 20% 50 0 201820192020202120222023 0% 201820192020202120222023 302.0mm3.2mm 25 20 15 10 5 24-03 24-01 23-11 23-09 23-07 23-05 23-03 23-01 22-11 22-09 22-07 22-05 22-03 22-01 0 80% 组件yoy光伏玻璃yoy 70% 60% 50% 40% 30% 20% 10% 0% 20192020202120222023 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 3,500 24-03 24-01 23-11 23-09 23-07 23-05 23-03 23-01 22-11 22-09 22-07 22-05 22-03 22-01 24-03 24-01 23-11 23-09 23-07 23-05 23-03 23-01 22-11 22-09 22-07 22-05 22-03 3,000 2,500 2,000 1,500 1,000 500 0 22-01 资产负债表利润表 会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E货币资金2932661666341017115334营业收入1546121524269763365639310应收票据及账款61027285103181287315036营业成本1204816831207852574830242预付账款578335419523611税金及附加135198211263308其他应收款101111162202236销售费用119120148185216存货23962001330335774503管理费用278302378471550其他流动资产272484757887997研发费用5235977429261061流动资产总计1238116833215942823436718财务费用240483477284128长期股权投资83101111122132资产减值损失-3-52-40-50-59固定资产114201588813249107088202信用减值损失-39-78-81-84-98在建工程18741756271332543411其他经营损益00000无形资产3784328025041728952投资收益1328242424长期待摊费用16814000公允价值变动损益-21000其他非流动资产28245044497148994826资产处置收益-9-7-4-4-4非流动资产合计2000026149235892071017524其他收益77167101101101资产总计3238242982451834894454242营业利润21553051423557656768短期借款30951914000营业外收入14333应付票据及账款506554347724894110870营业外支出44444其他流动负债23731837319939674653其他非经营损益00000流动负债合计105339185109231290815523利润总额21533052423457646767长期借款749010949794149912126所得税30289308419492其他非流动负债326557557557557净利润21232763392753456276非流动负债合计781611506849755482682少数股东损益03223负债合计1834920691194201845618206归属母公司净利润21232760392553436273股本537588588588588EBITDA3705536687811023811192资本公积486510798107981079810798NOPLAT23123141437456146399 留存收益863110829142991902324568EPS(元)11223 归属母公司权益1403222215256853040935954 少数股东权益076778082主要财务比率 股东权益合计1403222291257623048836036会计年度202220232024E2025E2026E 负债和股东权益3238242982451834894454242成长能力 营收增长率77.4%39.2%25.3%24.8%16.8%现金流量表营业利润增长率-9.5%41.6%38.8%36.1%17.4%会计年度202220232024E2025E2026EEBIT增长率-1.6%47.7%33.3%28.4%14.0%税后经营利润21232763381552346164EBITDA增长率24.4%44.9%63.6%16.6%9.3%折旧与摊销13111832407041894297归母净利润增长率0.1%30.0%42.2%36.1%17.4%财务费用240483477284128经营现金流增长率-69.7%1013.5%277.2%17.9%14.9%投资损失-13-28-24-24-24盈利能力 营运资金变动-3655-3530-1091-1118-706毛利率22.1%21.8%23.0%23.5%23.1%其他经营现金流169434124124124净利率13.7%12.8%14.6%15.9%16.0%经营性现金净流1751954737186909982营业利润率13.9%14.2%15.7%17.1%17.2%资本支出78755382150013001100ROE15.1%12.4%15.3%17.6%17.4%长期投资194-228000ROA6.6%6.4%8.7%10.9%11.6%其他投资现金流-188-216111ROIC17.2%13.5%14.4%19.0%22.5%投资性现金净流-7869-5826-1499-1299-1099估值倍数 短期借款1235-1182-191400P/E3023161210长期借款55113460-3009-2949-2866P/S43222普通股增加051000P/B53222资本公积增加325933000股息率00000其他筹资现金流1076-1261-932-904-855EV/EBIT11714108筹资性现金净流78547002-5854-3853-3721EV/EBITDA74865现金流量净额21631471835375162EV/NOPLAT12815118数据来源：iFinD，中航证券研究所